https://cryptoslate.com/ftx-faces-backlash-after-proposed-estimation-of-customers-bitcoin-at-16k/
“As such, the defunct crypto platform proposed estimating Bitcoin’s value at $16,871, Ethereum’s price at $1,258, and Solana’s SOL at $16. The firm also estimated Avalanche’s AVAX at $14.19, stablecoins USDT, TUSD, and BUSD a few cents less than their usual $1 peg.
The value of many of these digital assets, bar the stablecoins, has rapidly increased amid the significant market rise of the past year. For context, BTC is trading above $40,000 presently, while ETH’s value has also exceeded $2,200. SOL is also trading at more than $100 as of press time.
However, FTX argued that its valuations represent a “fair and reasonable” value of these digital assets as of the petition date—Nov. 11, 2022″.
lmao
BTC’s 200WMA is just shy of 30k.
How on earth could you make a $17K argument with that?
Cointest pros & cons with related info are in the collapsed comments below for the following topics: Ethereum, Solana.
Shitcunts gonna shitcunt.
Unbelievable that FTX would try to lowball customers like this! How can they expect us to accept such unfair valuations when the market has proven otherwise? It’s a slap in the face to those who have suffered from their mismanagement. Unacceptable!
What’s the logic behind that? Shouldn’t creditors be paid fiat amount equal to their asset valuation at the moment of the bankruptcy filing? Eg. If a creditor had 1 btc in FTX, they should be paid 16k in cash? So basically with the pump most coins had, FTX might actually have enough cash to pay all its debt now? Or is it 1:1 coin ratio?
To me there’s no rational reasoning behind this other than fleecing customer’s funds.
Well, the argument is at the date of insolvency the price was x, y, and z. However, of BTC and others are held by custodians, the value of the coins are substantially different today.
I guess they want to use the capital gains to pay debts by shortchanging customers?
They essentially want to use the excess to pay investors who are at the bottom of the claim tree and essentially shorting actual customers
So 1 BTC is not worth 1 BTC? You fuckers have been lying to me all along.
I’d like to know what methodology they used to value these.
Well, the lawyers are taking 1.4M per day so that doesn’t leave much in the bag. Kinda hilarious some coins are priced at $0 too.
Someone had a business plan on rebooting ftx indeed.
No idea why this is even controversial, the assets were valued at the point of bankruptcy.
The market moving up or down is irrelevant..
So we know it’s a fact based on evidence from the trial that sbf / ftx was dumping on btc to keep the price down. Now they’re trying to further benefit from the manipulated price? Any decent lawyer is going to take them to task for this.
ITT: people don’t understand bankruptcy law.
Why not just return the debtors in the token they deposited?
It isnt like they ate the coins, so they are to give coins back and customers could then decide by themselves in which price range they would like to sell them, in whichever exchange they prefer 🤷🏻♀️
Is that paid out in BTC cause if it’s not than you double fuckin us.
If I get anything back. I’ll be a happy man.
Current market value shitheads!
Of course they should be repaying them in the coin/token, not the cash value. Who’s gonna sue about this?
Thugs in america
People have been ripped off by ftx now there being ripped off by the company dealing with it
Yeah, AMD value at 60, NVDA at 100 during 2022 NOV too. Where is it at noww???
This is only fair if FTX holdings of SOL can be only sold for this price 🤣
If the operative date for valuation purposes is the date of the petition, they are right.
So can I buy bitcoin at 16k?
Oh my
This guy is going to fall on so many Toothbrushes in prison.
Remember the time politicians stole your money and blamed FTX
smart money
I had a ftx account but luckily I hadn’t bought anything through them.
Scamming and fraud again at best.
Y’all should have never trusted this weasel.
How ironic considering it was FTX evaluating prices incorrectly in the first place that got them into this mess.
Imagine being a Judge and being so stupid that you allow this to happen.
It’s a CEX, they have a terms of service (that everybody signed without thinking) for this very issue. Get fuk
Rdy
I mean technically getting something back versus getting nothing
Bullocks!
how about FTX pay back customers the assets they stole, so if they stole 1 btc they return 1 btc.
Wait y’all are surprised that the largest SEC approved theft engine in crypto is allowed to use the compromised DOJ to steal more money? I know Reddit is biased AF towards one political ideology but give me a break.
One question…since customers bought and held crypto on the FTX exchange. Isn’t there proof of address and numerical value of our crypto on the blockchain?
If so, why are the debtors complicating things…surely you just follow the money (addresses)
Who’s gonna pay for lawyer fees otherwise ?
fucking people like voyager did
16k being the BTC price after FTX themselves crashed it to that.
BlockFi is doing the same thing in their bankruptcy proceedings. They picked a specific date of valuations around the same time as the FTX date. Currently “down” about 1k thanks to that.
How convenient to use a backdated valuation relative to FIAT. Lets say you had 1 BTC on the exchange, then you just give me the 1BTC. Simple… however I think the problem is the exchange did not hold the coins 1:1 so they actually wouldn’t have the correct amount of coins to disperse anyway…
If that’s what its worth to them, whatever helps them sleep at night. But a deposited 1BTC should be credited with 1BTC, idk what your appraiser says. Funny how crypto is supposed to be some sort of antidote to funny money.
Bottom of the bear market pricing! I’d expect nothing less from these thieves